Oil prices plunged more than 5 percent to reach three-month lows on Monday after the United States and Iran reached an initial agreement to end their war, lift the U.S. naval blockade on Iranian ports, and reopen the Strait of Hormuz that affects roughly one-fifth of global oil shipment.
Signing ceremony is set for Friday in Switzerland following weeks of mixed messaging from both Washington and Tehran on the trajectory of the conflict.
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Market Analysis
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.